Judge Clears $3.5B Rock-Tenn Bid For Smurfit-Stone

Law360, New York (May 20, 2011, 7:45 PM EDT) -- A Delaware state judge on Friday refused to stall Rock-Tenn Co.’s $3.5 billion offer for Smurfit-Stone Container Corp. in response to a shareholder class action, clearing the deal for a shareholder vote May 27.

The companies announced the $35-per-share, stock-and-cash cash deal Jan. 23, seven months after Smurfit, a leading container board maker, exited bankruptcy. Various lawsuits challenging the deal soon followed.

Several suits were consolidated in the Delaware Chancery Court, with shareholders alleging Smurfit’s board failed to adequately shop the company before agreeing to an...
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